mentions again that heâs married, but thatâs protesting too much, he thinks. After checking his handiwork one more time, he presses the send button.
She answers almost immediately.
Love to. Just tell me where and when.
How about that? Love to.
He gives fleeting thought to waiting until later to respond, but then decides heâd just as soon not play such games.
1 pm. Does the Chateau still exist?
LOL Sure does. C u there.
7
June
T he e-mail came at 10:00 a.m. on the dot. It was from his key investor, Michael Ross at Maeve Grant, although Jonathan had little doubt it was drafted by someone else. A lawyer, most likely. The subject line read simply: Redemption.
Pursuant to section 8(a)(1)(i) of the agreement between Maeve Grant Capital Fund Inc. (defined herein as the âInvestorâ) and Harper Sawyer Derivative Currency Fund (defined herein as the âFundâ), Investor hereby provides notice of redemption in full of all monies invested by Investor currently held by the Fund. As set forth in section 16(d)(1)-(3), such payments should be made as follows:
$250,000,000.00
Within 7 days of this notice
$250,000,000.00
Within 30 days of this notice
Balance
No later than 60 days from this notice
A spike of pain drives into Jonathanâs head. He pushes it aside, telling himself that every second counts now, and he starts to think through a strategy.
Maeve Grant has nearly three-quarters of a billion invested. Paying that back would be bad enough, but itâs the fundâs nearly four to one leverage that makes the situation critical. It means that in addition to coming up with Rossâs money, the fund will have to reduce its borrowings in order to remain within the collateral parameters imposed by the banks. The bottom line is that by redeeming Ross, more than $3 billion is going to go out the door in the next sixty days, and thatâs enough of a hit to bring the entire fund down.
*Â Â *Â Â *
âPlease hold for Mr. Ross,â an administrative assistant says.
At least Ross isnât ducking his call, which is the first bit of good news of the day. It means he doesnât think that Jonathanâs already dead in the water.
Jonathan has left the trading floorâand the building entirely, for that matterâto make this call. He almost never leaves the desk, particularly first thing on a Monday morning, so his underlings must already suspect that somethingâs amiss, but he figures thatâs better than their overhearing they all may be unemployed by the end of the day.
âGood morning, Jonathan,â Ross says into the phone.
âNot for me, Michael. What the fuck?â
The other end of the line is completely silent, as if heâs been put on mute. Jonathan assumes Maeve Grantâs general counsel is right there beside Ross.
âI take it you received my e-mail, then?â Ross asks, back on the line.
âYes,â Jonathan says, trying to keep his anger in check. âI have to say Iâm very surprised, Michael. The fund is doing great, and just a month or so ago, when we were at Wolfgangâs, you said you were very pleased. You talked about backing me in my own fund, or donât you remember?â
âI remember drinking a lot that evening, is what I remember,â Ross says with a laugh.
Jonathan lets the remark pass. He hopes that his silence is enough to convey that he doesnât find this to be a laughing matter.
âBottom line is that I really donât understand why youâre now considering pulling out,â Jonathan says.
Ross answers quickly. âWeâre not considering , Jonathan. We are pulling out. The timetable was in the redemption notice so thereâd be no misunderstanding there.â
âLook, Michael . . . I think this is a discussion we should have face-to-face. Iâm willing to meet you wherever you want. Right now.â
The mute sound again. This time the silence is
Daniela Fischerova, Neil Bermel